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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, April 6, 2010, Vol. 13, No. 066

                            Headlines



C H I N A

CHINA CONSTRUCTION: Has US$1-Billion Loan Exposure to Dubai World
CHINA IVY: Posts US$814,928 Net Loss for 2009


H O N G  K O N G

ASIA ADVANCED: Commences Wind-Up Proceedings
ASIA ADVANCED: Creditors' Meeting Set for April 15
BABCOCK & BROWN: Lai and Haughey Step Down as Liquidators
B&B CHANGZHOU: Lai and Haughey Step Down as Liquidators
BRATEX GARMENT: Members' Final Meeting Set for May 3

BRILLIANT STAR: Creditors' Proofs of Debt Due May 3
CANYON TECHNOLOGY: Ying and Chan Step Down as Liquidators
CELTIC PACIFIC: Sutton and Fok Appointed as Liquidators
CHELENE INDUSTRIAL: Members' Final Meeting Set for May 3
CHITTY INVESTMENT: Creditors' Proofs of Debt Due May 3

COMERICA TRADE: Members' Final General Meeting Set for May 7
DG CAPITAL: Creditors' Proofs of Debt Due May 1
ENZER ELECTRONICS: Creditors' Meeting Set for April 23
FAIR & HONEST: Creditors' Meeting Set for April 13
GARDEN PACIFIC: Creditors' Proofs of Debt Due April 22

HENDA CONSTRUCTION: Court to Hear Wind-Up Petition on April 28
KAH DAT: Court to Hear Wind-Up Petition on May 19
KINGFAIR LAUNDRY: Creditors' Proofs of Debt Due April 12
LP CONTRACTORS: Court to Hear Wind-Up Petition on April 28
MIB INTERIORS: Court to Hear Wind-Up Petition on May 12

PEARL (CHINA): Court Enters Wind-Up Order
PRINCE SAUNA: Court to Hear Wind-Up Petition on May 19
TYCO (CHINA): Court to Hear Wind-Up Petition on April 28
UNION CHARM: Court to Hear Wind-Up Petition on April 28
WORLDWIDE GARMENTS: Court to Hear Wind-Up Petition on May 19


I N D I A

ALWAR POWER: ICRA Assigns 'LBB' Rating on INR230MM Long Term Loans
DIGAMBER CAPFIN: CRISIL Rates INR60-Mil. LT Bank Loan at 'B+'
DURGAPUR MEDICAL: CRISIL Places 'B+' Rating on INR35MM Cash Credit
DUSTVEN PRIVATE: ICRA Places 'LB' Rating on INR21.2MM Term Loan
DYNAMIX CHAINS: Delays in Loan payment Cue CRISIL 'B-' Rating

ECP INDUSTRIES: Weak Liquidity Prompts CRISIL 'C' Rating
FUTURA POLYESTERS: ICRA Assigns 'LB-' Rating on INR1.26B Term Loan
GARNETT SPECIALITY: ICRA Places 'LB+' Rating on INR220MM Bank Debt
JOHNSON ENTERPRISE: ICRA Puts 'LBB-' Rating on Various Bank Debts
KALAPURNA STEEL: ICRA Assigns 'LBB' Rating on INR50MM Bank Debts

KARNATAKA HANDLOOM: ICRA Rates INR270MM Bank Debts at 'LBB+'
MODERN TUBE: CARE Assigns 'CARE BB' Rating on Various Bank Debts
OPTIMA CUBE: ICRA Assigns 'LBB' Rating on INR50 Million Term Loan
MAGTEL POWER: ICRA Places 'LBB-' Rating on INR45 Mil. LT Bank Debt
PETRO CARBON: ICRA Assigns 'LBB+' Rating on INR207.2MM Term Loan

PRISTINE COMMERCIALS: ICRA Assigns 'LBB' Ratings on Various Debts
RAMDEV SUGARS: ICRA Assigns 'LBB-' Rating on INR64.1MM LT Loan
NARMADA SUGARS: ICRA Places 'LBB-' Rating on INR65MM LT Loans
RELIABLE SPACES: ICRA Assigns 'LBB' Ratings on Various Bank Debts
S.D BANSAL: ICRA Assigns 'LBB' Rating on Various Bank Facilities

SHAKTI SUGAR: ICRA Assigns 'LBB-' Rating on INR140MM LT Loans
SIDDHI EDIBLES: ICRA Places 'LBB-' Rating on INR35MM LT Bank Debts
SPARKLINGS TRADERS: ICRA Places 'LBB-' Rating on INR16MM LT Loans
SURYALAKSHMI COTTON: ICRA Reaffirms 'LBB' Rating on INR1.5BB Loans
TATA MOTORS: Bondholders Convert $345 Million Bonds to Shares

TATA MOTORS: Sells 20% Stake in Telcon for INR11.59 Billion
TATA MOTORS: Vehicle Sales Up 38% in March 2010
TATA POWER: Plans to Increase Production at Indonesian Coal Mines
WOCKHARDT LTD: Terminates Nutritional Business Deal with Abbott


I N D O N E S I A

BUMI RESOURCES: 2009 Net Profit Fell 49% on Deferred Expenses


J A P A N

JAPAN AIRLINES: To Cut 29 International, 30 Domestic Flights
WILLCOM INC: Jupiter Telecom May End Mobile-Phone Alliance


M A L A Y S I A

MALAYSIAN MERCHANT: Gets Demand Notice From Deputy Exec. Chairman
MALAYSIAN MERCHANT: MARC Cuts Rating on MYR120M Notes to 'CID'
MECHMAR CORP: Public Bank Serves Demand Notice For MYR1.96MM Loan


N E W  Z E A L A N D

AIR NEW ZEALAND: Says CEO Fyfe Won't Leave in Next 18 Months
PGG WRIGHTSON: Admitted to Extended Deposit Guarantee Scheme
SOUTH CANTERBURY: Approved For Extended Deposit Guarantee Scheme
SOUTH CANTERBURY: Gets NZ$22-Mln Equity Infusion From Southbury


S I N G A P O R E

EUCON HOLDING: Auditors Raise Going Concern Doubt


X X X X X X X X

* BOND PRICING: For the Week March 29 to April 2, 2010




                         - - - - -


=========
C H I N A
=========


CHINA CONSTRUCTION: Has US$1-Billion Loan Exposure to Dubai World
-----------------------------------------------------------------
China Construction Bank said it has a US$1 billion exposure to
Dubai World, arabianbusiness.com says.

Citing a report from Hexun.com Chinese news Web site,
arabianbusiness.com relates the bank's executives declared
that the Hong Kong branch of CCB granted Dubai World a loan of
US$1 billion.

The report added that the bank's "officials said that the quality
of assets under operation of the lender's overseas institutions
worsened seriously, which was mainly due to loan."

This is the first time the CCB has admitted the full extent of its
exposure to Dubai World's debts.

As reported by the Troubled Company Reporter on March 26, 2010,
Stefania Bianchi at Dow Jones Newswires said Dubai's government
will inject about US$9.5 billion into Dubai World and real-estate
developer Nakheel.  Dow Jones said that, according to a statement
by Dubai government, cash for Dubai World "will be funded by $5.7
billion remaining from the loan previously made available from the
Government of Abu Dhabi and from internal Dubai government
resources."  The statement also said "the government is offering
to recapitalize Dubai World through the equitization of the
Government's US$8.9 billion claim and a commitment to fund up to
US$1.5 billion in new funds."  The statement also said the
government "is offering to inject approximately US$8 billion in
new funds, which will have a significant direct impact on the
construction and real estate sectors and the wider economy, and to
recapitalize Nakheel through the equitization of the government's
US$1.2 billion claim."

Dow Jones also reported that a government financial advisor said
on a conference call that Dubai World's restructuring will include
the selling of some assets.  Dow Jones said the government has no
specific timeline and "there's no immediate action" on asset
sales.

                       6-Month Standstill

In November 2009, the Troubled Company Reporter ran a story
about Dubai World seeking a six-month standstill on its debt
obligations.  The government of Dubai said it would restructure
Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Wall Street Journal said Standard & Poor's in an October
report estimated Dubai World could be responsible for as much as
50% of Dubai's total government and corporate debt load of some
US$80 billion to US$90 billion.

                         Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K.) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                       About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.

                      About China Construction

Beijing-based China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in
Hong Kong.

                           *     *     *

China Construction Bank continues to carry Moody's Investors
Service's 'D-' bank financial strength rating.  Moody's Bank
Financial Strength Ratings represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


CHINA IVY: Posts US$814,928 Net Loss for 2009
---------------------------------------------
China Ivy School, Inc. filed its annual report on Form 10-K,
showing a net loss of US$814,928 on US$6,334,781 of revenue for
2009, compared with a net loss of US$5,210,395 on US$6,080,777 of
revenue for 2008.

The Company's balance sheet as of December 31, 2009, showed
US$15,548,867 in assets, US$15,127,878 of debts, and US$420,989 of
stockholders' equity.

"As of December 31, 2009, and 2008, the Company had cash of
US$46,187 and US$58,984, respectively, and working capital deficit
of US$11,038,871 and US$13,257,768, respectively.  The Company had
accumulated deficit of US$5,115,622 and US$4,300,694 as of
December 31, 2009, and 2008, respectively.  These factors create
substantial doubt as to the Company's ability to continue as a
going concern."

A full-text copy of the annual report is available for free at:

                  http://researcharchives.com/t/s?5db2

Based in Jiangsu Province, P.R. China, China Ivy School, Inc. was
incorporated in the State of Nevada.  The Company operates an
educational facility under the name "Blue Tassel School" which
provides a comprehensive curriculum required by the government of
the People's Republic of China, supplemented by a broad range of
elective courses which may be chosen from by the school's
students.  To the present date, the Company has only operated
within the People's Republic of China.


================
H O N G  K O N G
================


ASIA ADVANCED: Commences Wind-Up Proceedings
--------------------------------------------
Members of Asia Advanced Metal Products Company Limited, on
March 19, 2010, passed a resolution to voluntarily wind-up the
company's operations.

The company's liquidators are:

         Roderick John Sutton
         Fok Hei Yu
         Ferrier Hodgson Limited
         14th Floor, Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


ASIA ADVANCED: Creditors' Meeting Set for April 15
--------------------------------------------------
Creditors of Asia Advanced Metal Products Company Limited will
hold their meeting on April 15, 2010, at 10:00 a.m., for the
purposes provided for in Sections 228A, 241, 242, 243, 244 and 251
of the Companies Ordinance.

The meeting will be held at the office of Ferrier Hodgson Limited,
14th Floor, The Hong Kong Club Building, 3A Chater Road, Central,
in Hong Kong.


BABCOCK & BROWN: Lai and Haughey Step Down as Liquidators
---------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Babcock & Brown (Huayuan) Limited on March 26,
2010.


B&B CHANGZHOU: Lai and Haughey Step Down as Liquidators
-------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of B & B Changzhou Holdings Limited on March 26, 2010.


BRATEX GARMENT: Members' Final Meeting Set for May 3
----------------------------------------------------
Members of Bratex Garment Factory Limited will hold their final
meeting on May 3, 2010, at 2:00 p.m., at the Rooms 2102-3 China
Insurance Group Building, 141 Des Voeux Road Central, in Hong
Kong.

At the meeting, Dantes Mak Kay Lung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


BRILLIANT STAR: Creditors' Proofs of Debt Due May 3
---------------------------------------------------
Creditors of Brilliant Star Industries Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 3, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 24, 2010.

The company's liquidator is:

         Hui Fan
         Unit 1603-1606, 16th Floor
         Alliance Building
         No. 130-136 Connaught Road
         Central, Sheung Wan
         Hong Kong


CANYON TECHNOLOGY: Ying and Chan Step Down as Liquidators
---------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Canyon Technology Limited on March 26, 2010.


CELTIC PACIFIC: Sutton and Fok Appointed as Liquidators
-------------------------------------------------------
Roderick John Sutton and Fok Hei Yu on March 24, 2010, were
appointed as liquidators of Celtic Pacific Ship Management
Limited.

The liquidators may be reached at:

         Roderick John Sutton
         Fok Hei Yu
         Ferrier Hodgson Limited
         14th Floor, Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


CHELENE INDUSTRIAL: Members' Final Meeting Set for May 3
--------------------------------------------------------
Members of Chelene Industrial Limited will hold their final
meeting on May 3, 2010, at 10:00 a.m., at the Room 1702-1703,
17/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, in Hong
Kong.

At the meeting, Allan Kwong Hing Chuen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHITTY INVESTMENT: Creditors' Proofs of Debt Due May 3
------------------------------------------------------
Creditors of Chitty Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 3, 2010, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ng Shung Mo
         35-38/F, Tower Two, Nina Tower
         No. 8 Yeung Uk Road
         Tsuen Wan, N.T.


COMERICA TRADE: Members' Final General Meeting Set for May 7
------------------------------------------------------------
Members of Comerica Trade Services Limited will hold their final
general meeting on May 7, 2010, at 3:30 p.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Susan Y H Lo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


DG CAPITAL: Creditors' Proofs of Debt Due May 1
-----------------------------------------------
DG Capital Company Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 1, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 25, 2010

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


ENZER ELECTRONICS: Creditors' Meeting Set for April 23
------------------------------------------------------
Creditors of Enzer Electronics (HK) Company Limited will hold
their meeting on April 23, 2010, at 3:00 p.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251, 255A and 283 of
the Companies Ordinance.

The meeting will be held at 29H, Tower 6, Tung Chung Crescent,
No. 2 Mei Tung Street, Tung Chung, in Hong Kong.


FAIR & HONEST: Creditors' Meeting Set for April 13
--------------------------------------------------
Creditors of Fair & Honest (HK) Company Limited will hold their
meeting on April 13, 2010, at 10:00 a.m., for the purposes
provided for in Sections 228A, 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held at the Rm 1901, 19/F, Easey Commercial
Bldg., 253-261 Hennessy Road, Wanchai, in Hong Kong.


GARDEN PACIFIC: Creditors' Proofs of Debt Due April 22
------------------------------------------------------
Creditors of Garden Pacific Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 22, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 25, 2010.

The company's liquidators are:

         Kennic Lai Hang Lui
         Frank Yuen Tsz Chun
         Messrs. KLC Kennic Lui & Co.
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


HENDA CONSTRUCTION: Court to Hear Wind-Up Petition on April 28
--------------------------------------------------------------
A petition to wind up the operations of Henda Construction
Engineering Limited will be heard before the High Court of Hong
Kong on April 28, 2010, at 9:30 a.m.

Hung Piu Wah filed the petition against the company on Feb. 24,
2010.


KAH DAT: Court to Hear Wind-Up Petition on May 19
-------------------------------------------------
A petition to wind up the operations of Kah Dat Metal
Manufacturing Limited will be heard before the High Court of Hong
Kong on May 19, 2010, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on March 12, 2010.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 17 Des Voeux Road
          Central, Hong Kong


KINGFAIR LAUNDRY: Creditors' Proofs of Debt Due April 12
--------------------------------------------------------
Creditors of Kingfair Laundry Factory Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 12, 2010, to be included in the company's
dividend distribution.

The official receiver and liquidator is:

         E T O'connell
         10th Floor, Queensway
         Governments Offices
         66 Queensway
         Hong Kong


LP CONTRACTORS: Court to Hear Wind-Up Petition on April 28
----------------------------------------------------------
A petition to wind up the operations of L. P. Contractors &
Construction (Group) Limited will be heard before the High Court
of Hong Kong on April 28, 2010, at 9:30 a.m.

Hung Piu Wah filed the petition against the company on Feb. 24,
2010.


MIB INTERIORS: Court to Hear Wind-Up Petition on May 12
-------------------------------------------------------
A petition to wind up the operations of MIB Interiors Design
Limited will be heard before the High Court of Hong Kong on
May 12, 2010, at 9:30 a.m.

Lui Chi Kit filed the petition against the company on March 8,
2010.


PEARL (CHINA): Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on March 12, 2010, to
wind up the operations of Pearl (China) Development Limited.

The company's liquidator is Frank Yuen Tsz Chun.


PRINCE SAUNA: Court to Hear Wind-Up Petition on May 19
------------------------------------------------------
A petition to wind up the operations of Prince Sauna Limited will
be heard before the High Court of Hong Kong on May 19, 2010, at
9:30 a.m.

Lo Sze Wun the petition against the company on March 15, 2010.


TYCO (CHINA): Court to Hear Wind-Up Petition on April 28
--------------------------------------------------------
A petition to wind up the operations of Tyco (China) Technology
Development Co., Limited will be heard before the High Court of
Hong Kong on April 28, 2010, at 9:30 a.m.

John Seire & Sons (H.K.) Limited filed the petition against the
company on February 22, 2010.

The Petitioner's solicitors are:

          JSM
          18th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


UNION CHARM: Court to Hear Wind-Up Petition on April 28
-------------------------------------------------------
A petition to wind up the operations of Union Charm Limited will
be heard before the High Court of Hong Kong on April 28, 2010, at
9:30 a.m.

Wong Chun Kit filed the petition against the company on Feb. 22,
2010.


WORLDWIDE GARMENTS: Court to Hear Wind-Up Petition on May 19
------------------------------------------------------------
A petition to wind up the operations of Worldwide Garments Limited
will be heard before the High Court of Hong Kong on May 19, 2010,
at 9:30 a.m.

Ma Ting Fong filed the petition against the company on March 17,
2010.


=========
I N D I A
=========


ALWAR POWER: ICRA Assigns 'LBB' Rating on INR230MM Long Term Loans
------------------------------------------------------------------
ICRA has assigned a long term rating of LBB to INR230 million long
term loans of Alwar Power Company Private Limited.  The outlook on
the rating is Stable.

APCPL's credit rating favorably factors in the long experience of
the key promoter in the World Bank in infrastructure domain and
his experience in setting up units to manufacture mustard crop
residue (MCR) based briquettes in Rajasthan (adjacent to the
proposed power plant).  The credit profile is also supported by
the ample availability of MCR in and around the project site, the
substantial energy deficit in the Northern and Western regions of
the country, which is likely to result in limited demand risks and
healthy offtake.  The attractive feed-in tariffs for MCR based
power in Rajasthan are expected to result in healthy margins in
the business besides the prospects of upside from sales to power
trading companies at spot rates and sale of carbon credits. The
rating also derives comfort from the fact that all statutory
clearances and land are already in place, a long term Power
Purchase Agreement (PPA) with the state utility has been signed
and a fixed price Engineering Procurement and Commissioning or EPC
contract for the Boiler-Turbine-Generator or BTG and Balance of
Plant (BoP) packages with a well established contractor has been
executed.

Alwar Power Company Private Limited is currently setting up 7.5 MW
mustard crop residue based biomass plant in Alwar district,
Rajasthan.  The EPC contract for the same has been executed with
Walchandnagar Industries Limited on a fixed price-fixed time
contract basis.  PPA has been signed with Rajasthan State Utility
to sell 100% power produced at feed-in tariffs as declared by the
State Electricity Regulatory Commission.  Currently the project is
in initial stages of construction.  The project has been funded in
a debt equity ratio of 57%: 43%.


DIGAMBER CAPFIN: CRISIL Rates INR60-Mil. LT Bank Loan at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
loan facility of Digamber Capfin Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR60 Million Long-Term Bank Loan      B+/Stable (Assigned)

The rating reflects DCL's very small presence in the microfinance
business with regional concentration of operations, modest
financial risk profile, and exposure to risks inherent in the
microfinance industry.  These rating weaknesses are partially
offset by the company's sound asset quality.

Outlook: Stable

CRISIL expects DCL to benefit from the growth opportunities in the
microfinance sector.  However, given DCL's limited experience in
the sector, its ability to grow its business and accordingly scale
up its systems and processes to manage asset quality and operating
expenses, needs to be demonstrated.  The outlook could be revised
to 'Positive' if DCL exhibits sustained profitable growth without
compromising on its asset quality.  Conversely, the outlook could
be revised to 'Negative' if DCL is unable to raise adequate
resources to fund its planned growth or is not able to maintain
its asset quality and profitability as it expands its operations.

                       About Digamber Capfin

Incorporated in 1995, DCL is a non-deposit-taking non-banking
financial company (NBFC-ND) registered with the Reserve Bank of
India.  DCL lends to joint-liability groups (JLGs) and provides
top-up loans to clients in and around a few districts in Jaipur.
It entered into the microfinance business in 2007, prior to which
it was involved in two-wheeler financing.  As on February 28,
2010, DCL had a borrower base of 9920 members across eight
branches in four districts of Rajasthan.

For 2008-09 (refers to financial year, April 1 to March 31), DCL
reported a profit after tax (PAT) of INR0.5 million on a total
income of INR10.8 million, against a PAT of INR0.5 million on a
total income of INR9.8 million for the corresponding period of the
previous year.  For the nine months ended December 31, 2009, the
company's net profit was INR0.4 million on a total income of
INR9.4 million.


DURGAPUR MEDICAL: CRISIL Places 'B+' Rating on INR35MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Negative/P4' ratings to Durgapur
Medical Centre Pvt Ltd's bank facilities.

   Facilities                            Ratings
   ----------                            -------
   INR35 Million Cash Credit             B+/Negative (Assigned)
   INR443.50 Million Long Term Loan      B+/Negative (Assigned)
   INR18.30 Million Proposed Long-Term   B+/Negative (Assigned)
                    Bank Loan Facility
   INR3.20 Million Letter of Credit &    P4 (Assigned)
                       Bank Guarantee

The ratings reflect DMCPL's restricted financial risk profile,
marked by limited accruals in the nascent phase of its operations
and high gearing, and the company's exposure to risks relating to
geographical concentration in its revenue profile, to intense
competition in the healthcare industry, and to the-limited
spending capacity of patients at its hospital. These rating
weaknesses are partially offset by the benefits that DMCPL derives
from its strategic location.

Outlook: Negative

CRISIL believes that DMCPL's credit risk profile will remain under
pressure because of large debt repayment obligations maturing in
2010-11 (refers to financial year, April 1 to March 31).  The
ratings may be downgraded if DMCPL's liquidity is strained by
decrease in accruals or larger-than-expected increase in capital
expenditure. Conversely, the outlook may be revised to 'Stable' in
case the company's financial risk profile strengthens, supported
by improved profitability and reduced debt levels, or in case of
higher equity infusion into the company.

                       About Durgapur Medical

Set up in 1987, DMCPL was acquired by the current management in
2006.  The company owned three acres of land in Durgapur (West
Bengal), on which it began constructing a hospital in 2006.  The
hospital commenced operations in April 2008.  The company has five
promoters: two doctors and three businessmen, who have equal
holding of the company.  Dr. Satyajit Bose, one of the promoters,
was the senior consultant cardiac surgeon at Ruby Hospital,
Kolkata, Suraksha Hospital, Kolkata, and Apollo Gleneagles
Hospital, Kolkata. Dr. Arungashu Ganguly, another promoter, was a
consultant of interventional cardiology at Suraksha Hospital,
Kolkata and Batra Heart Research Centre, New Delhi, and the
resident house physician in Medical College, Calcutta.  The other
three promoters are businessmen based in Durgapur.

DMCPL's hospital, The Mission Hospital, in Durgapur is a 250-bed
hospital.  Recently, the company's management entered into an
agreement with Modern Medical Centre, Raipur (Chhattisgarh).  MMI
is a 250-bed hospital in Raipur, which was set up under a society
in 1995. Under the agreement, DMCPL's management will operate and
manage 50 beds at MMI.

DMCPL reported a net loss of INR163 million on net sales of INR246
million for 2008-09.


DUSTVEN PRIVATE: ICRA Places 'LB' Rating on INR21.2MM Term Loan
---------------------------------------------------------------
ICRA has assigned an LB rating each to the INR125 million working
capital limits and INR21.2 million Term Loan of Dustven Private
Limited.  ICRA has also assigned an A4 rating to the INR110
million non-fund based limits of DPL indicating risk-prone-credit-
quality rating assigned by ICRA in the short term.

The ratings reflects DPL's high working capital intensity of the
operations on account of high debtors and inventory levels which
resulted in stretched debt servicing indicators and delays in debt
servicing in the recent past.  The rating is further constrained
by DPL's modest scale of operations, its revenue concentration
from its major clients, its susceptibility to changes in raw
material prices and intensely competitive nature of the industry.
However, the ratings draws comfort from the company's established
position in the air pollution control equipments (APCE) and
industrial ventilation systems, its reputed clientele and
favorable prospects for APCE industry.

DustVen Private Limited, incorporated in 1972, is in the business
of Air Pollution Control Equipments.  It designs, manufactures,
markets and installs Industrial Air Pollution Control Systems and
Ventilation Systems.  Its products include wide varieties of fans,
blowers, fabric collectors, scrubbers, dust monitors, evaporative
cooling system and filtered air supply systems. DPL provide
Environmental Protection systems that consistently met
International standards, particularly the Occupational Safety and
Health Administration (OSHA) standards.  It was promoted by a
group of experienced Air Pollution Control (APC) engineers led by
Mr. B. Vyas Rao along with his co-promoters who had prior
experience in the designing APC equipment and systems.

Recent Results

As per the provisional numbers, DPL has reported a net profit of
INR5.7 million on an operating income of INR 436.9 million during
2008-09.


DYNAMIX CHAINS: Delays in Loan payment Cue CRISIL 'B-' Rating
-------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Dynamix Chains Manufacturing Pvt Ltd, part of the
Dynamix group.

   Facilities                             Ratings
   ----------                             -------
   INR378.5 Million Term Loans            B-/Stable (Assigned)
   INR100.00 Million Packing Credit*      P4 (Assigned)
   INR200.00 Million Post Shipment        P4 (Assigned)
                           Credit*
   INR50.00 Million Standby Letter of     P4 (Assigned)
            Credit and Bank Guarantee

   *Fully interchangeable

The ratings are constrained by delays in repayment of term loan
obligations by a group company, Rolly Jewellery Pvt Ltd.  The
ratings also factor in the Dynamix group's weak financial risk
profile, marked by high gearing and poor debt protection metrics,
its working-capital-intensive operations, and exposure to risks
related to geographic concentration in its revenue profile.  These
weaknesses are partially offset by the Dynamix group's moderate
market position in the jewellery industry, and the benefits that
it derives from its sound manufacturing facilities.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dynamix Chains, SAY India Jewellers Pvt
Ltd, Lily Jewellery Pvt Ltd, Yash Jewellery Pvt Ltd, Rolly
Jewellery Pvt Ltd, Dania Oro Jewellery Pvt Ltd, Jewel America Inc
and Barjon Inc.  This is because these entities, collectively
referred to as the Dynamix group, are under a common promoter
group, in the same line of business, and have operational
synergies and fungible cash flows among them.

Outlook: Stable

CRISIL believes that the Dynamix group will continue to benefit
from its sound manufacturing facilities and reputed customer base.
The outlook may be revised to 'Positive' if there is significant
improvement in the group's financial risk profile because of
healthy cash accruals and profitability, and if the group
companies demonstrate a track record of timely repayment of debt
obligations.  Conversely, the outlook may be revised to 'Negative'
if the group's financial risk profile deteriorates because of
continued losses in Jewel America, or if the group undertakes any
large, debt-funded capital expenditure programme.

                          About the Group

The Dynamix group of companies, engaged in the manufacture of
jewellery, is promoted by Mr. Pramod Goenka.  The group
manufactures gold, silver, and diamond-studded jewellery, which is
mainly exported to countries such as the US and the UK.

Set up in October 2007, Dynamix Chains manufactures specialised
chains and pendants, which are exported to the US.  SAY India,
Lily, Dania Oro and Yash (set up in May 1995, February 2004,
February 2006, and November 2006, respectively), export diamond-
studded gold jewellery, while Rolly (established in January 2005)
exports light-weight electro-form jewellery. Jewel America, a
leading jewellery wholesaler in the US, was acquired by the group
in February 2009.

Dynamix Chains reported a profit after tax PAT of INR40 million on
net sales of INR667 million for 2008-09 (refers to financial year,
April 1 to March 31).


ECP INDUSTRIES: Weak Liquidity Prompts CRISIL 'C' Rating
--------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
ECP Industries Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR56 Million Cash Credit              C (Assigned)
   INR15 Million Bank Guarantee           P4 (Assigned)
   INR12 Million Letter of Credit         P4 (Assigned)

The ratings reflect ECP's delay in servicing its term loan in the
past because of weak liquidity.  The ratings also reflect ECP's
limited scale of operations, and weak financial risk profile, weak
debt protection measures. These rating weaknesses are partially
offset by the benefits that ECP derives from its promoters'
experience.

Incorporated in 1983, ECP (formerly, Eastern Cylinders Pvt Ltd)
manufactures domestic liquefied petroleum gas (LPG) cylinders,
with capacity to produce 450,000 cylinders per annum.  The company
acquired its current name in 1998. ECP received ISO 9002
certification in 1986.  Its product profile includes LPG
cylinders, LPG pressure regulators, and industrial valves.  The
company manufactures LPG cylinders of various capacities, ranging
from small domestic cylinders to large commercial containers,
conforming to various specifications such as BS 5045, DOT 4BA, ISO
4706, and IS 3196.

ECP reported a profit after tax (PAT) of INR0.57 million on net
sales of INR182 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR0.61 million on net sales
of INR182 million for 2007-08.


FUTURA POLYESTERS: ICRA Assigns 'LB-' Rating on INR1.26B Term Loan
------------------------------------------------------------------
ICRA has assigned an 'LB-' rating each to the INR1260.0 million
term loans (including proposed term loans of INR427.0 million) and
the INR44.0 million cash credit facilities of Futura Polyesters
Limited.

The ratings factor in the unsatisfactory debt servicing track
record of Futura stretched liquidity position due to stock
accumulation and losses due to declining off-take over the last
two years owing to weak economic scenario.  The ratings are also
impacted by the relatively small size of operations of Futura in
the specialty polyester yarn / resin business, stiff competition
in the global market from Chinese players and vulnerability of
profitability to volatility in forex rates.  The ratings also
consider the experience of the management in specialty yarn and
resins businesses and its strong customer profile.

Futura Polymers Limited, earlier known as Indian Organic Chemicals
Limited until 2002, was incorporated in 1960 as a chemical
manufacturer at Khopoli, Maharashtra.  The company was promoted by
the first generation entrepreneur late Mr. B.M. Ghia.  In 1972,
the company commenced manufacturing of polyester staple fiber
(PSF) at its new facility at Manali, Chennai. In 2001, Futura
incorporated a new company Innovassynth Technologies (India)
Limited and Futura transferred its Chemicals division at Khopoli
to ITIL.  Futura also incorporated Futura Industries Limited as a
subsidiary to develop PET recycling and conversion to polyester
feed stock; in 2001, this was amalgamated with Futura.  In 1993, a
separate company commenced production of PET resin and preforms at
Manali and was amalgamated with Futura in 2002; the current
capacity for solid state polymers is 57,000 mtpa and PET preforms
is 20,000 mtpa.


GARNETT SPECIALITY: ICRA Places 'LB+' Rating on INR220MM Bank Debt
------------------------------------------------------------------
ICRA has assigned an "LB+" rating to the INR220 million fund based
bank facilities of Garnett Speciality Paper Limited.  ICRA has
also assigned a long term rating of "A4" to the INR90 million fund
based bank facilities of GSPL.

The ratings assigned by ICRA reflect the delays in debt servicing
by the company over past few months and the stretched liquidity
position of the company.  The rating is also constrained on
account of low capacity utilization of GSPL's manufacturing
facilities; decline in turnover, and below average profitability
indicators.  The rating however positively factors in the
substantial operational efforts and considerable financial support
extended by the promoters over past few years to shift the
Garnett, United Kingdom (UK) operations to GSPL's manufacturing
facilities in India.  As a result, GSPL has now been able to
produce similar high quality products locally, as were earlier
manufactured by Garnett facilities in UK.   GSPL now exports its
products to the customers earlier serviced by Garnett UK. With
stabilization of the operations at GSPL's facilities and proposed
equity infusion by the promoter group of GSPL, ICRA expects the
operational and financial profile of the company to improve in
near to medium term. Going forward, the company's ability to
adequately utilize its manufacturing facilities and its ability to
improve profitability indicators will remain the key rating
sensitivities.

                     About Garnett Speciality

Garnett Speciality Paper Limited is promoted by Auger Group U K
which in turn is owned by Mr M V Mehta.  GSPL was established
during the year 2004-05 and is into the manufacturing hi-end
value added paper products which are largely supplied to European
countries. GSPL's operations were earlier located in Garnett UK,
but to reduce its cost of production, GSPL shifted its
manufacturing operations to India in phases over past few years.
As a part of shifting its operations to India, GSPL took over the
operations of Nathani Paper Mills Limited which was under the
purview of Board of Industrial and Financial Reconstruction and
later NPML was amalgamated with GSPL.  The manufacturing unit of
GSPL is located at Vapi in Gujarat.  During ten month period
ending 31st January 2010, the company reported a net sale of
INR208 million and a net profit of INR7.25 million as against a
net sale of INR298 million in 2008-09 and net profit of INR4.62
million.


JOHNSON ENTERPRISE: ICRA Puts 'LBB-' Rating on Various Bank Debts
-----------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB-' with stable outlook
to fund based limits and a short term rating of 'A4' to non-fund
based limits of Johnson Enterprise Ltd.

The ratings are constrained by JEL's low margins because of low
value added nature of work and intense competition in civil
contracting space, its relatively high gearing, high working
capital intensity with long outstanding receivables and small
scale of operations resulting in concentration risks.
Nevertheless the ratings take comfort from the order book, long
track record of the company and experienced management of JEL.

Johnson Enterprise Ltd was incorporated in year 2004 with an
objective to execute civil construction related work for
government, semi-government and private entities as a primary
contractor and a sub-contractor.  Some of the projects executed by
JEL in the past include providing and fixing gantry sign boards,
applying thermoplastic paint on roads, earth work and maintenance
of roads.  JEL is a flagship company of Johnson Group with the
other group companies viz.  M/s. Johnson Associates and M/s.
Johnson Corporation dealing in Ready Mix Concrete manufacturing
and trading in construction materials business respectively.
JEL is currently led by Mr. Pritesh Shah with a total head count
of 42.

The unexecuted order book of the company as of 28th February, 2010
stood at INR 189.8 million.


KALAPURNA STEEL: ICRA Assigns 'LBB' Rating on INR50MM Bank Debts
----------------------------------------------------------------
ICRA has assigned a 'LBB' rating to the INR50.0 million fund based
limits of Kalapurna Steel & Engineering Pvt Ltd.  The outlook on
the long term rating is stable.  ICRA has also assigned an A4
rating to INR100.0 million non fund based bank limits of KSEPL.

The assigned ratings take into account the stretched financial
position of KSEPL characterized by a leveraged capital structure
leading to modest coverage indicators and cash accruals, thin net
profit margins owing to low value addition prevalent in the
trading business and its exposure to foreign exchange fluctuations
due to large imports.  The ratings also factor in the exposure to
inherent cyclicality of the steel sector and fragmented nature of
KSEPL`s business operations.  The ratings however favorably factor
in the established position of the company owing to the long
experience of the promoter and reputed client base at present
which includes government and semi-government organizations.

KSEPL was promoted as a proprietorship firm in the year 1994, by
Mr. Naresh Chandan and was converted to a private limited company
in the year 2006.  The company is into trading of ferrous and
non-ferrous metals and caters to industries like chemical,
fertilizer, petrochemicals and engineering organizations.

During 2008-09, KSEPL reported a net profit of INR 5.8 million on
net sales of INR 326.2 million.


KARNATAKA HANDLOOM: ICRA Rates INR270MM Bank Debts at 'LBB+'
------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR270 million fund-based
bank limits of The Karnataka Handloom Development Corporation
Limited.  The outlook on the assigned rating is stable.

The rating reflects the high working capital intensity of KHDC
because of delayed payments from the Education Department,
Government of Karnataka (GoK), resulting in higher borrowings and
consequently a high interest burden and consequently a pressure on
profits; the company's  high dependence on the GoK and the
Government of India (GoI) for subsidies high sales concentration
risks since the Education Department, GoK, alone accounts for a
majority its total sales and an aggressive capital structure.
ICRA also takes note of the term loans that KHDC has availed from
the GoK which has not been serviced.  These risks however are
partially offset by KHDC's strategic importance to both the GoK
and the GoI for meeting their social obligations to the weavers in
the state of Karnataka, leading to regular financial support being
received by the company from them and the adequate credit quality
of the GoK.  While assigning the rating, ICRA has assumed the
continuity of such support going forward.

KHDC was incorporated in 1975 under the 20 Point Programme of the
GoI and the Government of Karnataka (GoK) to promote the handloom
industry and to provide economic and social welfare to weavers in
the State of Karnataka.  KHDC procures raw material to weavers and
procure fabric from them against payment of conversion charges.
KHDC is also the nodal agency for implementation of various
welfare schemes of the GoK and the GoI for the weavers in the
state such as living cum workshed, health and life insurance and
group saving schemes.

In 2008-09, KHDC reported an operating income of INR881.13 million
and net profit of INR3.05 million.


MODERN TUBE: CARE Assigns 'CARE BB' Rating on Various Bank Debts
----------------------------------------------------------------
CARE has assigned 'CARE BB' rating to the Long-term Bank
Facilities and 'PR4' rating to the Short-term Bank facilities of
Modern Tube Industries Limited aggregating INR35.97 crore.

Facilities with 'Double B' rating are applicable for facilities
having tenure of more than one year.  Facilities with this rating
are considered to offer inadequate safety for timely servicing of
debt obligations.  Such facilities carry high credit risk.
Facilities with 'PR Four' rating would have inadequate capacity
for timely payment of short-term debt obligations and carry very
high credit risk.  Such facilities are susceptible to default.
This rating is applicable for facilities having a tenure up to one
year.

CARE assigns '+' or '-' signs to be shown after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.

                                  Amount
   Facilities                  (INR crore)      Ratings
   ----------                  -----------      -------
   Long-term Bank Facilities     27.47          'CARE BB'
   Short-term Bank Facilities     8.50          'PR4'

Rating Rationale

The rating is constrained by small size of operations, low
networth base, below average financial risk profile of MTIL and
declining profitability margins in FY09 & 9MFY10.  Very short
track record of manufacturing operations, low level of capacity
utilization, working capital intensive nature of industry and raw
material price volatility risk further constrain the rating. These
far outweigh the experience of promoters and stable outlook of
user industries.

MTIL's ability to achieve growth in total income while improving
profitability margins and significant debt funded expansion plans,
if any, are the key rating sensitivities.

                         About Modern Tube

Incorporated in 2006, MTIL is promoted by Shri Mahendra Bhansali
and is engaged in manufacturing of stainless steel Electric
Resistance Welded and Seamless pipes & tubes with the installed
capacity of 7200 Metric Tonne Per Annum.

MTIL's total income remained in line with FY08 at INR59.083 crore
as against INR59.27 crore reported in FY08.  It has reported PAT
of INR0.60 crore in FY09 as compared to INR0.94 crore in FY08.
During 9MFY10, RMTIL has reported PBT (Op. Profit) of INR0.39 on
total income of INR80.88 crore.


OPTIMA CUBE: ICRA Assigns 'LBB' Rating on INR50 Million Term Loan
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR50 million term loan
and the INR 140 million long term fund based bank facility of
Optima Cube Inframaterials Private Limited.  The outlook of the
assigned rating is stable.  ICRA has also assigned an A4 rating to
OCIPL's INR140 million short term non-fund based bank facility.
The ratings are constrained by OCIPL's limited operating history,
its moderate order book position, uncertain revenue outlook for
its Autoclaved Aerated Concrete blocks unit and the inherent
cyclicality of the Pre Engineered Buildings segment.  The ratings,
however, draw comfort from the favorable demand outlook for the
PEB industry, OCIPL's modest debt repayment obligations in the
long term and established presence of its parent -- Cube
Construction Engineering Limited in the industrial construction
space.

Incorporated in June 2008, OCIPL is promoted as a 50:50 Joint
Venture by Mr. Rajesh Sampat and Mr. Sanjay Shah. Apart from
OCIPL, each promoter has his own individual business unit.  Mr.
Rajesh Sampat has over 20 years of experience in the manufacturing
of diamond tools and cutting machines for marble and granite
mining industry and is the promoter of the Optima Group which
includes Optima Diamond Tools Private Limited, Optima Machinery
Private Limited and Cutting Edge Technologies.  Mr. Sanjay Shah
has over 15 years of experience in the civil construction industry
and is the promoter of CCEL.  As on January 31, 2010, CCEL held a
50% stake in OCIPL while the promoters of the Optima Group held
the balance 50%. OCIPL operates in two business segments ? PEBs
and AAC blocks. OCIPL has setup a green field manufacturing
facility in Jarod near Vadodara having an installed capacity of
around 12000 MT per annum for PEBs and around 94,000 cu. meter per
annum for AAC blocks. While commercial production of PEBs
commenced in April 2009 that of AAC blocks commenced only in
January 2010.

Recent Results

In the 10 month period between April 2009 and January 2010, OCIPL
recorded a turnover of around INR94 million.


MAGTEL POWER: ICRA Places 'LBB-' Rating on INR45 Mil. LT Bank Debt
------------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR45 million long term
fund based limits of Magtel Power Systems Private Limited.  ICRA
has also assigned an A4 rating to the INR15 million short term
non-fund based limits of MPSPL.  The outlook on the assigned long-
term rating is stable.

The rating takes into account the company's modest scale of
operations, which results in limited economies of scale, the
company's significant client concentration risk, limited
bargaining power vis-a-vis customers as well as suppliers,
vulnerability to raw material prices and the intense competition
in the company's core business of manufacturing wound components,
which is likely to have an impact on volumes and margins in the
business.  Further, the high working capital intensity stemming
from its stretched receivable days have resulted in strained cash
flows.  The rating also factors in the facility shifting plans,
which although  would benefit the company in long-term by higher
sales and better ability to service clients, would in the medium
term lead to high funding requirements in the medium term.
However, ICRA has drawn comfort from the experienced management,
satisfactory demand potential and robust revenue growths and
satisfactory profitability indicators of the company in the past.
The company's ability to maintain a prudent capital structure
while funding growth and ability to achieve stabilized operations
in its new unit will be key rating sensitivities.

                        About Magtel Power

Magtel Power Systems Private Limited was set up in 2005 by three
entrepreneurs Mr. P.N. Hiriyannaiah, Mr. A.N. Sreenivasan, and
Mr. G.V. Nagesh at Bangalore. From the inception the company
manufactures wound components for Electrical, Telecom and
Automotive industries. The company?s clientele includes Pace Power
Systems  Private limited, GKR Power systems Private Limited,
Console India Private limited, and BHEL among others.

MPSPL reported a net profit of INR 5.5 million on an operating
income of INR 135 million in 2008-09 as against a net profit of
INR 2.7 million on an operating income of INR 100 million in
2007-08.


PETRO CARBON: ICRA Assigns 'LBB+' Rating on INR207.2MM Term Loan
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR207.2 million term
loan and INR 120 million cash credit bank facilities of Petro
Carbon and Chemicals Pvt. Limited.  The outlook on the long term
rating is stable.  ICRA has also assigned an A4+ rating to the
INR750 million short term non-fund based bank facilities of PCCPL.

The ratings take into account the limited track record of
operations for PCCPL, weak financial structure with high gearing
levels and marginal cash accruals, limited client base, and high
dependence on imported Raw Petroleum Coke (RPC), the primary raw
material that exposes the company to fluctuations in foreign
exchange rates.  ICRA also notes that the RPC procured so far has
been of  varying quality thereby affecting production levels and
limited sources currently tied up for RPC supplies, exposing PCCPL
to raw material risk.  The ratings also factor in the continued
support from Narbheram Vishram (NV, rated at LBBB+ and A2 by
ICRA), a group entity, locational advantage for importing raw
materials being situated close to the Haldia port, logistical
benefits arising from connectivity to the Indian railways network
through a private railway siding and expected demand of Calcined
Petroleum Coke (CPC) arising out of significant capacity additions
announced/ being undertaken by the aluminium industry.  The
company is also expected to benefit from the existing customer
base of NV, who are steel manufacturers that require CPC in their
production process.

PCCPL was incorporated on November 5, 2007 and is promoted by the
Kolkata based Atha family.  The company purchased the assets of a
shut down CPC manufacturing unit located in Haldia, West Bengal,
with an annual capacity of 93,750 MTPA.  While the plant was
purchased in May 2008; production was commenced in November 2008.
Therefore, 2009-10 will be the first full year of operations for
PCCPL.

During FY09, PCCPL reported a net loss of INR25.8 million on an
operating income of INR66.1 million. PCCPL has also reported a
profit after tax of INR0.9 million on an operating income of
INR181.1 million during the period April ? November 2009.


PRISTINE COMMERCIALS: ICRA Assigns 'LBB' Ratings on Various Debts
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the long term bank facilities
and an 'A4' rating to the short term bank facilities of Pristine
Commercials Private Limited.

The ratings reflect the company's recent commissioning, small
scale of operations and its exposure to intense competition with
low entry barriers inherent in the trading business.  The low
profitability attributable to the low value addition in the
trading business remains susceptible to commodity price
fluctuations and foreign exchange movements.  PCPL's capital
structure also remains adverse with high gearing as of
January 31, 2010, though borrowings are mainly from directors and
relatives.  The rating takes into account the locational
advantages arising from proximity to sea ports and markets.

Incorporated in 2007, Pristine Commercials Private Limited is
engaged in steel trading.  PCPL started operations in the FY 2008-
09 however the group and promoters have more than a decade of
experience in the steel trading business.  PCPL derives its sales
entirely from domestic market and has its registered office in
Mumbai.  PCPL recorded a net loss of INR 00.01 million on an
operating income of INR 0.77 million during FY 2008-09. Also, as
per the unaudited financial statement as on 31st January 2010,
PCPL has earned a net profit of INR 7.10 millions on an operating
income of INR 195.20 million.


RAMDEV SUGARS: ICRA Assigns 'LBB-' Rating on INR64.1MM LT Loan
--------------------------------------------------------------
ICRA has assigned rating of LBB- to the INR64.1 million long term
loans and INR 50 million fund based facilities of Ramdev Sugars
Private Limited.

The rating takes into consideration the long standing presence of
the promoters in the sugar industry in Madhya Pradesh, linkage
between sugar price and cane cost by virtue of being located in an
FRP2 state and healthy profitability indicators over the last five
years.  The rating is however constrained by instances of
liquidity mismatches in the recent past, vulnerability of the
company's sugar business to agro-climatic risks affecting
availability of raw material i.e. sugarcane, inherent cyclicality
in the sugar business and the fact that the profitability of the
sugar business remains vulnerable to government/regulatory
policies governing cane pricing, sugar release and pricing and
offtake of byproducts.  Further with limited cane development, the
average days of crushed (defined as the total crushing volume
divided by the plant capacity in tcd) has been relatively low in
the past.  The rating also takes into consideration the relatively
high gearing of the company which stood at 2.28 times at the end
of March 2009.

RSPL commenced operations as a small, 20 tcd Khandsari sugar
manufacturing unit in 1977 and over the years has increased to a
2,000 tcd sugar manufacturing unit.  The company is one of the
three sugar mills belonging to the Maheshwari Group of companies
based in Madhya Pradesh.  The group also engages in trading of
grains through its other set ups.  The sugar mills namely Ramdev
Sugars Pvt Ltd, Narmada Sugars Pvt Ltd and Shakti Sugars Pvt Ltd
with a total crushing capacity of 5,750 tcd are all located in the
fertile areas of Narsinghpur and Hoshangabad districts of central
MP where the climatic conditions are fairly viable and irrigation
is primarily through tube wells.  This Group has achieved a
Turnover of about INR 2 billion in the year 2007-08.  The group is
held by two brothers namely Mr. Navneet Lal Maheshwari and Mr.
Rajesh Maheshwari.  The mill has a 3 MW power generation capacity
which it fuels using bagasse generated in the sugar production.


NARMADA SUGARS: ICRA Places 'LBB-' Rating on INR65MM LT Loans
-------------------------------------------------------------
ICRA has assigned rating of LBB- to the INR65 million long term
loans and INR 50 million fund based facilities of Narmada Sugars
Private Limited.

The rating takes into consideration the long standing presence of
the promoters in the sugar industry in Madhya Pradesh, linkage
between sugar price and cane cost by virtue of being located in an
FRP2 state and healthy profitability indicators over the last five
years.  The rating is however constrained by instances of
liquidity mismatches in the recent past, vulnerability of the
company's sugar business to agro-climatic risks affecting
availability of raw material i.e. sugarcane, inherent cyclicality
in the sugar business and the fact that the profitability of the
sugar business remains vulnerable to government/regulatory
policies governing cane pricing, sugar release and pricing and
offtake of byproducts.  Further with limited cane development, the
average days of crushed (defined as the total crushing volume
divided by the plant capacity in tcd) has been relatively low in
the past.  The rating also takes into consideration the relatively
high gearing of the company which stood at 1.68 times at the end
of March 2009.

NSPL started its operations in 1992 as a khandsari unit with a
crushing capacity of 200MT which has grown in subsequent years to
its current crushing capacity of 2500 MT. In.  The company is one
of the three sugar mills belonging to the Maheshwari Group of
companies based in Madhya Pradesh.  The group also engages in
trading of grains through its other set ups.  The sugar mills
namely Ramdev Sugars Pvt Ltd, Narmada Sugars Pvt Ltd and Shakti
Sugars Pvt Ltd with a total crushing capacity of 5,750 tcd are all
located in the fertile areas of Narsinghpur and Hoshangabad
districts of central MP where the climatic conditions are fairly
viable and irrigation is primarily through tube wells.  This Group
has achieved a Turnover of about INR 2 billion in the year 2007-
08.  The group is held by two brothers namely Mr. Navneet Lal
Maheshwari and Mr. Rajesh Maheshwari.  The mill has a 3.5 MW power
generation capacity which it fuels using bagasse generated in the
sugar production.


RELIABLE SPACES: ICRA Assigns 'LBB' Ratings on Various Bank Debts
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the long term sanctioned bank
limits of Reliable Spaces Private Limited.  The rating carries a
stable outlook.

Reliable Spaces Pvt Ltd, earlier Reliable Fashions Pvt. Ltd.,
develops and leases out property to corporate customers. RSPL has
leased a plot of land from MIDC at Airoli (Navi Mumbai) on which
it has constructed two buildings.  The first has been sub-leased
to Singapore-based Baker Hughes Pte while the second, called
Reliable Plaza (a Ground+7 storey structure) has been given on
leave and license basis to corporates like Sify Technologies,
Medpace India and Firstsource Solutions.

The rating is constrained by the low cover of monthly lease
rentals over the repayment obligations towards the rated term loan
and RSPLs exposure to vacancy/renegotiation risks.  The rating
however, favorably factors in the vantage location of the
property, strong profile of occupants of the property, healthy
visibility of future earnings from Sify Technologies, which
occupies four floors (approximately 67%) of the property and the
possibility of raising funds from other businesses within the
group including planned sale of assets.

Reliable Spaces Pvt Ltd, earlier Reliable Fashions Pvt. Ltd.,
develops and leases out property to corporate customers. Prior to
FY 09, RFPL had two lines of business: exports of readymade
garments and real-estate development.  With increasing focus on
its real-estate business, RFPL rechristened itself as RSPL in
February 2009 and following an organizational restructuring, the
garments division was demerged into a separate entity called
Reliable Clothing Pvt Ltd effective 1st April, 2009.  While the
fixed assets pertaining to the garments division were transferred
to RCPL as part of the demerger, the liabilities including the
outstanding balances of the rated working capital facilities were
retained in RSPL.

RSPL has leased a plot of land from MIDC at Airoli (Navi Mumbai)
on which it has constructed two buildings. The first has been sub-
leased to Singapore-based Baker Hughes Pte while the second,
called Reliable Plaza (a Ground+7 storey structure) has been given
on leave  and license basis tocorporates like Sify Technologies,
Medpace India, Firstsource Solutions.


S.D BANSAL: ICRA Assigns 'LBB' Rating on Various Bank Facilities
----------------------------------------------------------------
ICRA has assigned LBB rating to the INR120.00 million fund based
limit and INR135.00 million term loans of S.D Bansal Iron & Steel
Pvt Ltd.  The outlook on the rating is stable.

ICRA's rating of SDBIPL factors in modest scale of operations and
high competitive pressures in the steel bars business, which is
reflected in its modest operating margins.  The rating  is also
constrained by SDBIPL high debt-to-equity ratio  (stood at 2.27
times as on March 31, 2009) mostly consisting of term loans  taken
for establishing  Steel  Rolling mill business.  This coupled with
modest operating margins has resulted in modest debt servicing
indicators.  However, the rating takes support from the group
profile with strong business presence of promoters in education &
construction industry.

S.D. Bansal Iron & Steel Pvt Ltd commenced its operations in
financial year 2008-09 with the establishment of 30000 MT per
annum capacity Rolling mill.  The promoters started in the
construction business more than three decades ago.  Over the years
the group diversified its business presence into education with
the setting up of Sriniwas Education Society in Madhya Pradesh.
The educational Society currently has seven institutions under its
educational trust with more than 10000 students in its rolls.  In
2008 the group went in for further diversification with the
setting up of a Rolling mill for manufacturing of M. bars.


SHAKTI SUGAR: ICRA Assigns 'LBB-' Rating on INR140MM LT Loans
-------------------------------------------------------------
ICRA has assigned rating of LBB- to the INR140 million long term
loans and INR 30 million fund based facilities of Shakti Sugar
Mill Private Limited.

The rating takes into consideration the long standing presence of
the promoters in the sugar industry in Madhya Pradesh and linkage
between sugar price and cane cost by virtue of being located in an
FRP2 state.  However the rating is constrained by the limited
track record of operations as it has recently commenced production
and the relatively high gearing of the company which stood at 4.80
times at the end of March 2009.  The rating also takes into
consideration vulnerability of the company's sugar business to
agro-climatic risks affecting availability of raw material i.e.
sugarcane, inherent cyclicality in the sugar business and the fact
that the profitability of the sugar business remains vulnerable to
government/regulatory policies governing cane pricing, sugar
release and pricing and offtake of byproducts.

SSMPL was incorporated in 2008 as a 1250 tcd sugar manufacturing
unit.  The unit commenced commercial operations in November 2009.
The company is one of the three sugar mills belonging to the
Maheshwari Group of companies based in Madhya Pradesh.  The group
also engages in trading of grains through its other set ups.  The
sugar mills namely Ramdev Sugars Pvt Ltd, Narmada Sugars Pvt Ltd
and Shakti Sugars Pvt Ltd with a total crushing capacity of 5,750
tcd are all located in the fertile areas of Narsinghpur and
Hoshangabad districts of central MP where the climatic conditions
are fairly viable and irrigation is primarily through tube wells.
This Group has achieved a Turnover of about INR 2 billion in the
year 2007-08.  The group is held by two brothers namely Mr.
Navneet Lal Maheshwari and Mr. Rajesh Maheshwari.


SIDDHI EDIBLES: ICRA Places 'LBB-' Rating on INR35MM LT Bank Debts
------------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the existing INR35 million
long term fund based limits of Siddhi Edibles Private Limited.
The outlook on the long term rating is stable.  ICRA has also
assigned an A4 rating to the INR95 million short term non-fund
based limits of SEPL.

The ratings takes into account SEPL's weak financial profile
characterized by low profitability and high gearing, leading to
depressed levels of coverage indicators.  The ratings also factor
in SEPL's high sales concentration risk, with its top 2 customers
accounting for more than 80% of its turnover during 2008-09.  The
risk is further accentuated by the absence of any long term
contract with its customers.  The ratings are also constrained by
the high level of competition among the existing players in the
agro-based commodities business which puts a downward pressure on
profitability.  The ratings however factor in the established and
continuing relationship of SEPL with its key clients and
suppliers, its presence in diverse segments i.e., agro-commodities
and mobile phones and electronic and hardware products like LCD
monitors, DVDs and other related computer and electronic
accessories, which leads to product diversification to an extent.

SEPL was incorporated in July 2003 and has been promoted by the
Bhura family based in Kolkata.  The company trades in agro-
commodities like yellow peas, black matpe, yellow maize, sugar,
gwar seeds, soya bean and chana.  Since 2007-08, the company
started trading in mobile phones, walkie talkie sets, telecom
equipments and other related electronic and hardware fittings,
which are used for fabrication of telecommunication towers.

Recently the company has also started trading in electronic
equipments like Digital Trunking System, LCD Monitors, CPU Cabinet
and other computer related accessories.  During 2008-09, SEPL
reported a net profit of INR0.6 million on net sales of INR351.5
million. During the first nine months of 2009-10, the company
posted a net profit of INR3.6 million on net sales of INR374.5
million.


SPARKLINGS TRADERS: ICRA Places 'LBB-' Rating on INR16MM LT Loans
-----------------------------------------------------------------
ICRA has assigned the 'LBB-' rating to INR16.0 million long term
fund based bank lines of Sparklings Traders Private Limited.  ICRA
has also assigned the A4 rating to INR100.0 million non fund based
and US$0.27 million fund based short term bank lines of the
company.  Outlook on long term rating is stable.  Though a part of
short term bank limits of the company are denominated in foreign
currency, ICRA rating for the same are on national rating scale,
as distinct from international rating scale.

The ratings are constrained by weak financial indicators
characterized by low profitability which is inherent to trading
business and weak cash flows of the company.  Cash flows of the
company are weak due to increase in interest and finance charges
and increase in receivables days. Scale of operations of the
company remains low resulting in lack of economies of scale.
Further, capital structure of the company is highly leveraged due
to low accruals and increasing working capital requirements.  The
borrowings however also include interest free unsecured loan from
promoters, adjusted for which the capital structure improves
somewhat to 1.8 times as at end of January 2010 (based on
unaudited, provisional financial statement).  Low profits and
increase in interest and finance charges have resulted in weak
coverage ratios for the company.  Customer portfolio of the
company is moderately diversified with top customer accounting for
close to 31% of sales while top 10 customers account for ~ 66%.
However, ICRA notes that greater customer diversification may not
be possible at its current scale of operations.  The company
operates in a highly competitive business scenario with low entry
barriers which exposes the company to pricing pressures.  The
ability to manage the volatility inherent in product prices is
important, as sudden fall in prices can result in inventory
losses.  ICRA notes that the company procures large part of its
goods from international market which exposes it to risk of
volatility in foreign currency rates.  The ratings however
favorably factor long experience of the promoter in the business
of trading in chemicals, established relationship with key
customers and moderate working capital intensity of the company.

                     About Sparklings Traders

In 1980s Mr. Satish Mehra, an experienced trader in chemicals,
acquired business of Sparklings investments and Traders Private
Limited which was later remained to Sparklings Traders Private
Limited.  The company is wholly owned by the Mehra family with
Mr. Satish Mehra and Mrs. Ratna Mehra heading day to day business
activities.  The board of directors is supported by staff of close
to 10 personnel with experience in trading business.  The company
owns two warehouses totalling to 1,300 sq. ft at Bhiwandi with
storage capacity of ~ 200 MT. Besides use of its own premises for
storage, the company utilizes services of certain other storage
facilities at Bhiwandi on rent.

Recent Results

During ten months ended January 2010, the company recorded net
margin of INR1.6 million on turnover of INR166.7 million
(provisional, unaudited financial numbers) as against net loss of
INR2.4 crore on turnover of INR216.2 million during 2008-09.


SURYALAKSHMI COTTON: ICRA Reaffirms 'LBB' Rating on INR1.5BB Loans
------------------------------------------------------------------
ICRA has re-affirmed its 'LBB' rating to the INR1.55 billion term
loans (outstanding being INR1.51 billion) and INR725 million fund-
based facilities of Suryalakshmi Cotton Mills Limited.  The
outlook on the rating is stable.  ICRA has also re-affirmed its A4
rating to the INR315 million non-fund based facilities and the
INR62.5 million fund-based facilities of SLCM.

The assigned ratings factor in the weak financial profile of SLCM,
as characterized by its stretched capital structure and low
profitability margins on account of debt-funded capital
expenditure post 2005-06, when the denim industry went through a
cyclical downtrend and realizations crashed following weak demand
in the export markets and overcapacity situation in the domestic
market.  In the yarn segment, the demand environment was weak with
oversupply situation in standard count yarns.  In addition, the
surge in cotton prices had affected the profitability of SLCM.
The above conditions resulted in the company opting for
restructuring its term loans repayment to improve its liquidity
position in the last financial year.  The demand-supply dynamics
took on a positive trend in the past few months following
improving demand conditions in the export markets and better
profitability for the company in the last two quarters. However,
the increase in cotton prices and the significant competition in
the domestic market could limit the improvement on the margins
front.  The ratings also factor in the company's long-standing
presence in the textile industry; its established presence in the
domestic and export markets, which would favor the company in the
long term and its product diversification in the yarn and denim
segments, which supports revenue growth.

Suryalakshmi Cotton Mills Limited was set up in 1962, initially
with a capacity of 6000 spindles for manufacture of cotton and
blended yarns.  Over a period of four decades, it has expanded its
spinning capacity to 48,000 spindles and has diversified into
denim fabric manufacturing activity with a capacity of 40 million
metres. SLCM is promoted by Shri L.N Agarwal, who is the Chairman
& Managing Director of the company.

In 9m 2009-10, SLCM reported operating profit and net profit of
INR 335 million and INR 2 million, respectively, on a revenue base
of INR 2.97 billion as against operating profit and net loss of
INR 270 million and INR 157 million, respectively, in 2008-09 on a
revenue base of INR 3.60 billion.


TATA MOTORS: Bondholders Convert $345 Million Bonds to Shares
-------------------------------------------------------------
Tata Motors Ltd. said it has successfully completed its bond
conversion.  The company said in a statement issued on March 30
that bondholders representing 93% of the JPY bonds and 76% of USD
series bonds opted to convert their bonds into Ordinary Shares.
The company was able to extinguish debt worth US$345 million of
these bonds at current exchange rates.

Tata Motors had offered bondholders of their 0% JPY 11,760 million
and 1% USD 300 million Convertible Bonds an option to convert
their bonds into Ordinary Shares during a 5-day period from March
23 to March 29, 2010.  In this period, bondholders could opt to
receive a higher number of shares per bond.  Bondholders, who did
not participate, would continue with all the terms of their bonds
prior to this one-off offer.

As a result of the above offer, the company said it has allotted
26.64 million equity shares to the bondholders, who exercised the
option to convert these bonds into Ordinary Shares during the
offer period.

The offer, managed by Standard Chartered Bank, Citigroup, Credit
Suisse and J.P. Morgan, has helped improve the company's net
worth, reduce indebtedness and enhance financial flexibility.

Mr. C. Ramakrishnan, Chief Financial Officer, Tata Motors, said,
"The reduced conversion price option made eminent sense from
bondholders' perspective, who got additional value by opting to
convert into equity. From the company's perspective, this exercise
is in line with its continued efforts to deleverage its balance
sheet."

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.

Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.


TATA MOTORS: Sells 20% Stake in Telcon for INR11.59 Billion
-----------------------------------------------------------
Tata Motors Ltd. has sold 20% stake in Telco Construction
Equipment Company (Telcon) to Japan-based Hitachi Construction
Machinery for INR11.59 billion, the Business Standard reports.

The Standard relates Tata Motors' holding in Telcon has declined
to 40%, while Hitachi's stake has increased to 60%.  Consequently,
the report notes, Telcon would no longer be a subsidiary of Tata
Motors.

Standard Chartered Bank and ABZ Partners acted as financial and
legal advisors to Tata Motors in the deal, the report says.

Bangalore-based Telcon is India's biggest manufacturer and
supplier construction equipment.  Telcon makes construction
equipment such as backhoe loaders, excavators, off-highway dump
trucks, wheel loaders and large mining shovels.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.

Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.


TATA MOTORS: Vehicle Sales Up 38% in March 2010
-----------------------------------------------
Tata Motors reported total sales of 75,151 vehicles (including
exports) in March 2010, a growth of 38% over 54,452 vehicles sold
in March 2009.  The company's domestic sales of Tata commercial
and passenger vehicles for March 2010 were 71,046 nos., a 35%
growth over 52,653 nos. sold in March last year.

Cumulative sales (including exports) for the company for the
fiscal at 642,686 nos. are the highest ever and a growth of 29%
over 498,547 nos. sold last year.

                        Commercial Vehicles

The company's sales of commercial vehicles in March 2010 in the
domestic market were 43,285 nos., the highest ever and a 49%
growth compared to 29,004 vehicles sold in March last year. LCV
sales were 22,438 nos., a growth of 35% over March last year.  The
LCV sales are the highest ever, led by the Ace family. M&HCV sales
stood at 20,847 nos., a growth of 69% over March last year.

Cumulative sales of commercial vehicles in the domestic market for
the fiscal are 373,615 nos. the highest ever for the company and a
growth of 41% over last year.  Cumulative LCV sales are 218,478
nos., a growth of 44% over last year, while M&HCV sales stood at
155,137 nos., a growth of 36% over last year.

During the year, Tata Motors launched the new World Truck range,
the all-new Tata 407 Pick-up, Tata Super Ace and Tata Ace EX.

                        Passenger Vehicles

The passenger vehicles business reported a total sale and
distribution offtake of 29,868 nos. (27,761 Tata + 2,107 Fiat) in
the domestic market in March 2010, the highest ever in any month
and a 17% increase compared to 25,430 nos. (23,649 Tata + 1,781
Fiat) in March last year.  Sales of Tata passenger vehicles at
27,761 nos. are the highest ever in any month and a growth of 17%
over March 2009. Sales of the Tata Nano were 4,710 nos. The Indica
range sales were 11,618 nos., the highest this fiscal. The Indigo
range recorded sales of 7,537 nos., the highest ever in any month
and a growth of 66% over March last year. The Sumo/Safari range
accounted for sales of 3896 nos., lower by 23% over March last
year, hampered by the tight vendor supplies of components.

During the fiscal, Tata Motors launched the new generation, all-
new Indigo Manza and the Sumo Grande MK II.

This fiscal, Jaguar Land Rover sales continued their upward trend
since launch in June 2009.  The company opened Jaguar Land Rover's
first flagship showroom facility in Mumbai followed by the
recently inaugurated showroom in Delhi.  The product range
comprises the Jaguar XF, XFR and XKR and the Land Rover
Freelander 2, Discovery 4, Range Rover Sport and Range Rover.

Cumulative sales and distribution offtake of passenger vehicles in
the domestic market for the fiscal are 259,682 nos. (234,930 Tata
+ 24,752 Fiat), against 208,203 nos. (200,127 Tata + 8,076 Fiat)
last year, a growth of 25%.  The cumulative sales of Tata
passenger vehicles at 234,930 nos. is the highest ever for the
company.  Cumulative sales of the Nano are 30,350 nos. Cumulative
sales of the Indica range at 114,415 nos., reported a growth of
3%. Cumulative sales of the Indigo family are 56,634 nos., higher
by 15% and the highest ever in any year. Cumulative sales of the
Sumo/Safari range are 33,531 nos., lower by 15%.

Cumulative Jaguar Land Rover sales in India for the fiscal are 242
units, based essentially on sales from the flagship store in
Mumbai.

                              Exports

The company's sales from exports at 4,105 vehicles in March 2010
registered a growth of 128% compared to 1,799 vehicles in March
last year. The cumulative sales from exports for the fiscal at
34,141 nos. are higher by 2% over 33,410 nos. in the same period
last year.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.

Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.


TATA POWER: Plans to Increase Production at Indonesian Coal Mines
-----------------------------------------------------------------
The Hindu BusinessLine reports that Tata Power Company Ltd. plans
to increase the production from the Indonesian coal mines in which
it holds equity stake.

Tata Power said it plans to increase the production from 60
million tonnes to 75 million tonnes and subsequently to 100
million tones, according to the BusinessLine.

The report recalls that Tata Power bought a 30% stake each in
Kaltim Prima Coal and PT Arutmin and a related coal trading
company, all promoted by PT Bumi Resources, in March 2007 for
INR4,950 crore.

According to the report, the company had also signed a coal off-
take agreement with Kaltim Prima for 10 million tonnes of coal a
year.  The company had then said that Indonesian coal would be
used for the Mundra Ultra-Mega Power Project, the Trombay project
and the coastal power project in Maharashtra.

Tata Power Company Limited -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk consumers
in the Mumbai metropolitan area.  The company operates four
thermal plants with a combined capacity of 1,350 MW, and three
hydroelectric plants aggregating 447 MW; all of these supply power
to the Mumbai licence area.  The company also has a plant that
supplies power to Tata Steel.  In addition, Tata Power has an 81-
MW independent power project at Belgaum that sells power to
Karnataka Power Transmission Corporation Limited.

                           *     *     *

Tata Power Company continues to carry Moody's Investors Service's
'Ba3' corporate family rating and 'B1' senior unsecured debt
rating.  The ratings outlook is stable.


WOCKHARDT LTD: Terminates Nutritional Business Deal with Abbott
---------------------------------------------------------------
Wockhardt Limited and Abbott have jointly decided to terminate the
nutritional business agreement they signed in July 2009.

The Times of India reports that the two companies said they have
jointly decided to kill the deal, which would have seen Abbott
acquire the nutrition businesses of Wockhardt, Carol Info Services
and certain other Wockhardt units and group companies, including
nutrition manufacturing facilities located in Lalru and Jagraon.
The deal was valued at about INR630 crore (US$130 million).

Though Wockhardt did not specify the reasons for terminating the
deal, analysts said Wockhardt was unable to resolve the debt
restructuring issues with some of its lenders, the report notes.

Wockhardt is currently facing a winding up petition in the
Honorable High Court, Mumbai, as it has defaulted on its
obligations under the terms of the Defaulted Bonds.  If the
Company continues to ignore the efforts made by the holders of the
Defaulted Bonds to salvage the situation by restructuring the debt
in a mutually acceptable manner, the Company may remain exposed to
this winding up action, which may restrict the Company from
selling its nutrition business.

                       About Wockhardt Limited

Wockhardt Limited is an India-based pharmaceutical company.  The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited.  The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratoires
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L.  In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'.  Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:

  -- INR2,000 million long-term non-convertible debenture
     program downgraded to 'D' from 'C(ind)'

  -- INR2,500 million long-term loans and INR2,500 million
     non fund-based cash credit facilities downgraded to 'D'
     from 'C(ind)'

The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.


=================
I N D O N E S I A
=================


BUMI RESOURCES: 2009 Net Profit Fell 49% on Deferred Expenses
-------------------------------------------------------------
PT Bumi Resources reported a US$190.5 million net profit in 2009
due to a US$275 million charge on deferred mining expenses,
Jakarta Globe reports.

Citing Bumi's vice president for investor relations, Dileep
Srivastava, the Globe relates that this year's profit was down by
49% compared with the company's adjusted US$371.7 million net
profit in 2008.  The unadjusted figure in 2008 was $645.37
million.

The Globe relates Dileep said Bumi's production volumes rose 19.5%
to 63.1 million tons while its costs decreased to $28.3 per ton
from $33.11 in 2008.  However, a lower average sales price in
2009, of $61 per ton, down from $73 per ton in 2008, contributed
to a 4.7% drop in revenue to $3.22 billion, Dileep added.

This year, Bumi was expecting to outperform 2009 on sales volume,
revenue and ebitda, he said.

                        About Bumi Resources

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 3, 2009, Standard & Poor's Ratings Services assigned its
'BB' long-term corporate credit rating to PT Bumi Resources Tbk.
The outlook is stable.  Standard & Poor's also assigned its 'BB'
rating to the proposed issue of guaranteed senior secured notes by
Bumi Capital Pte., a wholly owned subsidiary of Bumi.

Moody's Investors Service also assigned a Ba3 local currency
corporate family rating to PT Bumi Resources Tbk and a provisional
Ba3 senior secured rating to the proposed US$ bond issued by Bumi
Capital Pte Ltd which is wholly owned and guaranteed by Bumi.  The
outlook for both ratings is stable.  This is the first time that
Moody's has assigned ratings to Bumi.


=========
J A P A N
=========


JAPAN AIRLINES: To Cut 29 International, 30 Domestic Flights
------------------------------------------------------------
Japan Airlines Corp. expects to cut 29 international flights by
the end of this fiscal year, more than the 16 route cuts it had
previously announced, Bloomberg News reports citing the Yomiuri
newspaper.

The Yomiuri reported that JAL will also scrap 30 domestic flights
in the same period, Bloomberg notes.

Bloomberg News relates the newspaper said the airline's cuts
include flights from Tokyo's Narita Airport to Sao Paulo and Milan
and from Japan's Kansai area to Bangkok and Beijing.

According to Bloomberg, Chairman Kazuo Inamori said on April 1
that the carrier is reviewing the profitability of international
routes on a case-by-case basis as part of a turnaround plan which
it will submit by the end of June.

Bloomberg News, citing Nikkei English News, reported on April 2
that Japan Airlines's main lenders have asked for cuts to
international services in exchange for additional assistance.  The
Nikkei said the banks are also seeking further job cuts at the
carrier, Bloomberg relates.

                             About JAL

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198).  The Company said debt is
$28 billion.

Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News.  The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


WILLCOM INC: Jupiter Telecom May End Mobile-Phone Alliance
----------------------------------------------------------
Bloomberg News, citing the Yomiuri newspaper, reports that Jupiter
Telecommunications Co., a Japanese cable-television company, may
dissolve its mobile-phone alliance with Willcom Inc.

The Japanese cable-television company now offers its cable
subscribers Willcom's mobile-phone services at a discount.
According to Bloomberg, the newspaper said Jupiter may end the
alliance after Willcom filed for bankruptcy protection.

WILLCOM provides wireless data and voice services to corporate and
consumer customers in Japan.  The company launched its service in
1995 and is the largest operator employing Personal Handyphone
System (PHS) technology.  PHS is a kind of stripped-down cellular
service with relatively low charges; the technology was developed
in Japan and most of its users live in Japan and China. WILLCOM
provides mobile service nationwide in Japan, serving more than 4
million subscribers.  The Carlyle Group owns 60% of WILLCOM;
Kyocera Corporation owns 30%.

Willcom filed for bankruptcy protection with the Tokyo
District Court with liabilities of JPY206 billion.

Willcom in September said it was unable to agree on a revival plan
with all creditors after failing to reschedule debt payments.
According to Bloomberg, wireless carrier Willcom has been losing
subscribers as rivals offer faster mobile-phone services.  Willcom
may seek investment from Softbank Corp., Japan's third-largest
mobile-phone company, and a Japanese investment fund, to revive
its businesses, Asahi said.

Researcher Teikoku Databank Ltd. said the filing by Willcom is the
biggest in Japan's telecommunications industry.  Heisei Denden
Co. was the previous biggest failure in October 2005 with
liabilities of JPY120 billion.


===============
M A L A Y S I A
===============


MALAYSIAN MERCHANT: Gets Demand Notice From Deputy Exec. Chairman
-----------------------------------------------------------------
Malaysian Merchant Marine Berhad received a Notice pursuant to
Section 218(1)(e) of the Companies Act, 1965 dated April 2, 2010,
served by K.K. Lim & Associates acting for Dato' Ramesh
Rajaratnam, the Deputy Executive Chairman of the Company, claiming
a sum of MYR1,111,111.00) being advances made by him to the
Company to meet crew expenses, staff and other incidental
necessary expenses.

The Claimant has alleged that MMM had failed to pay the Claim
despite his requests and was informed that the Company had
insufficient funds to do so.

The Company does not have the cashflow to pay the Claim and will
not be able to continue to operate under the present capital and
debt structure in the foreseeable future.

The Company said it will seek legal advice in respect of the
Notice.

                      About Malaysian Merchant

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.

                           *     *     *

Malaysian Merchant Marine Berhad has been classified as an
affected listed issuer as the Company's wholly-owned subsidiary,
Erayear Solution Sdn Bhd, is unable to complete the purchase of a
chemical tanker under a Memorandum of Agreement signed with
Uniships Pte Ltd on January 8, 2010.


MALAYSIAN MERCHANT: MARC Cuts Rating on MYR120M Notes to 'CID'
--------------------------------------------------------------
Malaysian Rating Corporation Bhd (MARC) has downgraded its rating
on Malaysian Merchant Marine Bhd's MYR120 million Al Bai' Bithaman
Ajil Islamic Debt Securities (BaIDS) to DID from CID.
Concurrently, MARC has removed MMM's rating from MARCWatch
Negative, where it was placed on March 17, 2010 to reflect
heightened concerns of imminent default.

The rating action follows MMM's failure to meet an accelerated
repayment of the BaIDS which became immediately due and payable
subsequent to the declaration of an event of default and notice of
the same by the trustee and security trustee on March 29, 2010.
MMM announced its default in payment on March 30, 2010.  In the
same announcement to Bursa Malaysia Securities Berhad, the company
also disclosed that it had become insolvent and would not be able
to pay any portion of the BaIDS.

Following the downgrade to DID, MARC will no longer undertake any
rating surveillance on the BaIDS.

                      About Malaysian Merchant

Malaysian Merchant Marine Berhad is a Malaysia-based investment
holding company engaged in transportation of goods by sea and the
provision of ship management services.  The principal activities
of the subsidiary companies are those of transportation of goods
by sea and provision of logistics services.  The Company's
operating subsidiaries include MMM Panama Inc., MMM Suez Inc.,
Splendid Eminent Sdn. Bhd., Oceanwealth Fountain Sdn. Bhd.,
Malaysian Pacific Ocean Line Sdn. Bhd., Pan Asia Ocean Line Sdn.
Bhd., Prestige Splendour Sdn. Bhd., Ample Remark Sdn. Bhd.,
Edgewise Fairway Sdn. Bhd., and Malaysian Ocean Line Sdn. Bhd.

                           *     *     *

Malaysian Merchant Marine Berhad has been classified as an
affected listed issuer as the Company's wholly-owned subsidiary,
Erayear Solution Sdn Bhd, is unable to complete the purchase of a
chemical tanker under a Memorandum of Agreement signed with
Uniships Pte Ltd on January 8, 2010.


MECHMAR CORP: Public Bank Serves Demand Notice For MYR1.96MM Loan
-----------------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad on March 10, 2010, received
a notice pursuant to Section 218 of the Companies Act, 1965 from
Public Bank (L) Ltd.

PBLL is claiming for a sum of US$581,357.38 (MYR1,963,243.87)
being the total outstanding sum due as at March 10, 2010, as per
their record and has demanded for settlement of the said sum
within 21 days from the date of service of the notice.

The Company said it is taking necessary steps to defend the claim
and had also submitted to PBLL alternative repayment schemes under
its Regularization Plan for their consideration.

Mechmar Corporation (Malaysia) Berhad is an investment holding
company providing management services to its subsidiaries.
Through its subsidiaries, the company is engaged in the
manufacture and marketing of industrial boilers, burners, steam
generating plant, vessels, fabrication and associated product
support activities; operating of a power generation plant;
retailing of solar-heaters, and retailing and leasing of ice
machines, and investment holding.  Its manufacturing and trading
activities are located in Malaysia, Great Britain, Hong Kong,
Indonesia, Sri Lanka and Singapore.  Its power generation activity
is based in Tanzania, whereas its property development and
financing activities are located in Malaysia.

Mechmar Corporation has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as:

   -- the Company's major subsidiary, Independent Power of
      Tanzania (IPTL) has stop payment on its scheduled
      instalment to its lender; and

   -- the Company was unable to provide a solvency declaration.


====================
N E W  Z E A L A N D
====================


AIR NEW ZEALAND: Says CEO Fyfe Won't Leave in Next 18 Months
------------------------------------------------------------
Air New Zealand Ltd. said its chief executive Rob Fyfe has no
intention of leaving the airline in the next 18 months, Bloomberg
News reports.

Bloomberg relates that Air New Zealand spokesman Mark Street said
in an e-mail reply to questions that speculation in the
Independent newspaper on April 1 that Mr. Fyfe is leaving within
that period and is in the process of choosing a successor is
incorrect.

Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business.  Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.

                           *     *     *

Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.


PGG WRIGHTSON: Admitted to Extended Deposit Guarantee Scheme
------------------------------------------------------------
The New Zealand Treasury on April 1 approved PGG Wrightson Finance
Limited for extended Retail Deposit Guarantee Scheme.

The current Retail Deposit Guarantee Scheme ends on October 12,
2010, and the extension scheme starts immediately afterwards.  The
extension scheme will end on December 31, 2011.  Participation in
the extension scheme is voluntary.

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2010, The National Business Review reports that PGG
Wrightson Finance has applied to join the Crown's extended retail
deposit guarantee scheme.

PGG Wrightson Finance is a moderate-sized New Zealand-based
finance company specializing in rural finance.  The company is a
wholly owned subsidiary of PGG Wrightson, a rural services company
based in New Zealand.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
February 18, 2010, Standard & Poor's Ratings Services assigned its
'BB/B' counterparty credit ratings to PGG Wrightson Finance Ltd.
The outlook is stable.


SOUTH CANTERBURY: Approved For Extended Deposit Guarantee Scheme
----------------------------------------------------------------
South Canterbury Finance Lid has been approved to participate in
the Crown's Extended Retail Deposit Guarantee Scheme.

The scheme will provide all eligible investors with the benefit of
the Crown guarantee until December 31, 2011.

South Canterbury Finance Chairman Allan Hubbard said a major
milestone has been achieved.

"We are pleased we have met the qualifying criteria for inclusion
in the extended guarantee scheme.  It is a further acknowledgement
of the strides the Company has taken in recent months to retain a
Standard & Poor's "BB" credit rating, increase capital,
restructure, improve governance, purge the loan book, and
reorganize the business into three divisions covering performing
loans, impaired assets and investments.

"We regard acceptance into the extended guarantee scheme as a seal
of approval.  It is the next step in the journey back towards the
Company's traditional role as a source of funding to support
economic growth."

South Canterbury Finance Chief Executive Officer Sandy Maier said
the acceptance of the Company into the extended guarantee scheme
will allow the offer of a diversified suite of longer term and new
deposit products.  These will provide an orderly transition for
the Company, investors and the Crown from the guarantee scheme and
provide a stable long term funding base.

"The essence of South Canterbury Finance's success has been its
very loyal investor base.  Acceptance into the extended guarantee
scheme will allow the Company to provide attractive investment
opportunities that meet their requirements," Mr. Maier said.

"The extended guarantee provides additional comfort to investors.
That said, we are confident South Canterbury Finance can return to
its long-term position of being a successful and profitable leader
in the non-bank sector.  The recent recapitalizations of South
Canterbury Finance have resulted in the Company having $253
million of equity capital providing us with a solid base from
which to achieve our objectives."

The extended guarantee scheme makes a number of changes when it
comes into effect at the end of the current Retail Deposit
Guarantee scheme.  The most significant of these for eligible
investors is a reduction in the maximum sum covered for each
investor to $250,000.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2010, Standard & Poor's Ratings Services lowered its
long-term rating on New Zealand finance company, South Canterbury
Finance Ltd. to 'BB' from 'BB+', and affirmed the 'B' short-term
rating.  At the same time, the 'BB' long-term rating was placed on
CreditWatch with negative implications.


SOUTH CANTERBURY: Gets NZ$22-Mln Equity Infusion From Southbury
---------------------------------------------------------------
South Canterbury Finance Ltd. said it has agreed to terms, along
with its parent company, Southbury Corporation Limited, for an
additional injection of equity capital.

Southbury Corporation will issue NZ$22 million of secured
convertible notes to Torchlight Fund No. 1 LP.  In addition,
Torchlight Fund No. 1 LP has an option to increase this to a total
of NZ$37.5 million by April 30, 2010.

Southbury Corporation will use the proceeds to subscribe for the
same dollar value of new fully paid ordinary shares in South
Canterbury Finance, and therefore will retain 100% ownership of
South Canterbury Finance.  As a result, South Canterbury Finance
will receive additional capital of NZ$22 million in cash.

South Canterbury Finance Chairman Allan Hubbard said, "This is a
vote of confidence in South Canterbury Finance and its future
prospects based on the Fund's understanding of the business and
the wider business cycle.  We are very pleased to have the Fund's
involvement."

Torchlight Chairman, George Kerr said, "The restructuring of
financial institutions requires innovative solutions to complex
situations.  The Torchlight team is pleased to support South
Canterbury Finance through this investment."

South Canterbury Finance Chief Executive Officer Sandy Maier said
the new capital is a further step in the significant progress
already made to restructure the capital base of the Company.

"Much has been achieved since the appointment of new independent
directors and a new management team late last year."

Achievements include:

   * Significant group restructuring with the provision of
     NZ$152.5 million of new equity in February 2010 in
     conjunction with Nthe acquisition of two businesses
     with a record of strong earnings in Helicopters NZ
     Limited and Scales Corporation Limited;

   * A purge of the loan book and increased provisioning
     for impaired assets totalling NZ$203.7 million;

   * Improved liquidity to make early repayment of the US$100
     million USPP facility;

   * Retention of a "BB" credit rating from Standard & Poor's
     (albeit with an outlook of Creditwatch negative);

   * An internal operational division of activities into three
     groups: the core well-performing finance business, the
     impaired or non-performing loan book including the majority
     of the property portfolio, and the investments group which
     includes Scales Corp, Helicopters NZ and the company's
     extensive dairy assets.

The latest capital raising has been arranged by Forsyth Barr.
Taking into account the NZ$22 million of new equity provided by
Torchlight Fund No. 1 LP, just over NZ$200 million in total of new
equity has been injected into South Canterbury Finance since
December 2009.

"This is a substantial amount of progress in a short period of
time and a major recapitalization of the company.  We are
continuing to consider the various alternative transactions and
structures available to us as we look forward to achieving the
requirements for non-bank deposit takers," Mr. Maier said.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.  Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2010, Standard & Poor's Ratings Services lowered its
long-term rating on New Zealand finance company, South Canterbury
Finance Ltd. to 'BB' from 'BB+', and affirmed the 'B' short-term
rating.  At the same time, the 'BB' long-term rating was placed on
CreditWatch with negative implications.


=================
S I N G A P O R E
=================


EUCON HOLDING: Auditors Raise Going Concern Doubt
-------------------------------------------------
Eucon Holding Ltd. faces "material uncertainties" and these may
cast doubt on the company's ability to continue as a going
concern, Bloomberg News reports citing auditors Deloitte & Touche
LLP.

Commenting on the company's 2009 financial statement, Deloitte
said Eucon's liabilities were more than its assets, the company is
losing money, and it has breached bank covenants on loans.

The company's financial statements for the financial year ended
December 31, 2009, containing an emphasis of matter relating to
the going concern assumption, is available at no charge at:

               http://ResearchArchives.com/t/s?5e33

Eucon Holding Limited (SIN:E27) -- http://www.euconholding.com/--
is a Singapore-based investment holding company.  The Company,
through its subsidiaries is engaged in providing laser drilling
services, drilling and routing services, manufacturing of printed
circuit boards (PCB) and provision of related processing services
on outsourced PCB's and processing and laminating services on PCB.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week March 29 to April 2, 2010
------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

   AUSTRALIA
   ---------

ADVANCED ENERGY          9.50    01/04/2015   AUD       1.05
AINSWORTH GAME           8.00    12/31/2011   AUD       0.80
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.93
ANTARES ENERGY          10.00    10/31/2013   AUD       2.02
AUROX RESOURCES          7.00    06/30/2010   AUD       0.94
BECTON PROP GR           9.50    06/30/2010   AUD       0.51
BOUNTY INDUSTRIE        10.00    06/30/2010   AUD       0.03
CBD ENERGY LTD          12.50    01/29/2011   AUD       0.12
CHINA CENTURY           12.00    09/30/2010   AUD       0.86
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.50
GRIFFIN COAL MIN         9.50    12/01/2016   USD      59.65
GRIFFIN COAL MIN         9.50    12/01/2016   USD      64.00
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.32
JPM AU ENF NOM 1         3.50    06/30/2010   USD       8.50
MINERALS CORP           10.50    09/30/2011   AUD       0.51
NATIONAL WEALTH          6.75    06/16/2026   AUD      73.87
NEW S WALES TREA         1.00    09/02/2019   AUD      62.99
PRAECO P/L               7.13    07/28/2020   AUD      70.82
RESOLUTE MINING         12.00    12/31/2012   AUD       1.06
SUN RESOURCES NL        12.00    06/30/2011   AUD       0.20
SUNCORP METWAY           6.75    10/06/2026   AUD      57.85
VERO INSURANCE           6.15    09/07/2025   AUD      71.37


   CHINA
   -----

JIANGXI COPPER           1.00    09/22/2016   CNY      73.95


   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      38.50


   INDIA
   -----

AFTEK INFOSYS            1.00    06/25/2010   USD      70.00
GEMINI COMMUNICATION     6.00    07/18/2012   EUR      60.00
SUBEX AZURE              2.00    03/09/2012   USD      65.50


   JAPAN
   -----

AIFUL CORP               1.20    01/26/2012   JPY      66.81
AIFUL CORP               1.22    04/20/2012   JPY      65.83
AIFUL CORP               1.63    11/22/2012   JPY      56.35
AIFUL CORP               1.74    05/28/2013   JPY      50.59
AIFUL CORP               1.99    10/19/2015   JPY      41.89
AIFUL CORP               1.99    03/23/2012   JPY      64.82
COVALENT MATERIAL        2.87    02/18/2013   JPY      61.90
FUKOKU MUTUAL            4.50    09/28/2025   EUR      72.75
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      57.74
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      57.13
TAKEFUJI CORP            4.00    06/05/2022   JPY      53.37
TAKEFUJI CORP            9.20    04/15/2011   USD      56.12
TAKEFUJI CORP            9.20    04/15/2011   USD      58.12
TAKEFUJI CORP            8.00    11/01/2017   USD      11.62


   MALAYSIA
   --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.01
CRESENDO CORP B          3.75    01/11/2016   MYR       1.00
DUTALAND BHD             4.00    04/11/2013   MYR       0.78
DUTALAND BHD             4.00    04/11/2013   MYR       0.42
EASTERN & ORIENT         8.00    07/25/2011   MYR       0.98
EASTERN & ORIENT         8.00    11/16/2019   MYR       0.94
EG INDUSTRIES            5.00    06/16/2010   MYR       0.36
KRETAM HOLDINGS          1.00    08/10/2010   MYR       1.23
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.68
MITHRIL BHD              3.00    04/05/2012   MYR       0.66
NAM FATT CORP            2.00    06/24/2011   MYR       0.46
OLYMPIA INDUSTRI         2.80    04/11/2013   MYR       0.18
OLYMPIA INDUSTRI         4.00    04/11/2013   MYR       0.23
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.64
REDTONE INTL             2.75    03/04/2020   MYR       0.08
RUBBEREX CORP            4.00    08/14/2012   MYR       1.33
SCOMI ENGINEERING        4.00    03/19/2013   MYR       1.12
SCOMI GROUP              4.00    03/19/2013   MYR       0.09
TRADEWINDS PLANT         2.00    02/08/2012   MYR       0.60
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       0.99
WAH SEONG CORP           3.00    05/21/2012   MYR       3.50
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.33
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.05


  NEW ZEALAND
  -----------

ALLIED FARMERS           9.60    11/15/2011   NZD      74.70
ALLIED NATIONWID        11.52    12/29/2049   NZD      48.75
CAPITAL PROP NZ          8.00    04/15/2010   NZD      12.50
CONTACT ENERGY           8.00    05/15/2014   NZD       1.03
FLETCHER BUI             8.50    03/15/2015   NZD       8.25
FLETCHER BUI             7.55    03/15/2011   NZD       7.20
GMT BOND ISSUER          7.75    06/19/2015   NZD       0.11
INFRASTR & UTIL          8.50    09/15/2013   NZD       9.20
INFRATIL LTD             8.50    11/15/2015   NZD       9.50
INFRATIL LTD            10.18    12/29/2049   NZD      66.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.36
MANUKAU CITY             6.15    09/15/2013   NZD       1.02
MANUKAU CITY             6.90    09/15/2015   NZD       1.01
MARAC FINANCE           10.50    07/15/2013   NZD       1.00
NZ FINANCE HLDGS         9.75    03/15/2011   NZD      54.49
SKY NETWORK TV           4.01    10/16/2016   NZD      57.09
SOUTH CANTERBURY        10.50    06/15/2011   NZD       0.81
SOUTH CANTERBURY        10.43    12/15/2012   NZD       0.43
ST LAURENCE PROP         9.25    05/15/2011   NZD      63.92
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.10
TRUSTPOWER LTD           8.50    03/15/2014   NZD       8.10
TRUSTPOWER LTD           7.60    12/15/2014   NZD       1.00
TRUSTPOWER LTD           8.60    12/15/2016   NZD       1.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.95
VECTOR LTD               7.80    10/15/2014   NZD       1.00
VECTOR LTD               8.00    12/29/2049   NZD       7.20


  SINGAPORE
  ---------

BLUE OCEAN              11.00    06/28/2012   USD      36.00
DAVOMAS INTL FIN         5.50    12/08/2014   USD      56.12
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.70
WBL CORPORATION          2.50    06/10/2014   SGD       2.11


  SOUTH KOREA
  -----------

H K MUTUAL SAVIN         9.50    08/02/2014   KRW      70.11
JEIL MUTUAL BK           8.50    01/22/2015   KRW      70.12
SOLOMON MUTUAL B         8.50    12/09/2013   KRW      70.12


  SRI LANKA
  ---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      64.07


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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